Bankruptcy

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Bankruptcy

Your back taxes, interest and penalties can be wiped out by filing bankruptcy. If you qualify, bankruptcy can be the best solution to resolve your crushing tax problems.

Unfortunately, not everyone qualifies to wipe out their tax debt in bankruptcy. Certain rules have to be met first. If you file bankruptcy and don’t meet the rules, the IRS will still be in hot pursuit after your bankruptcy is over. Proper pre-bankruptcy planning is key to determining if bankruptcy is or can be a viable solution.

Let us help you determine if Bankruptcy is a viable solution for you by completing the Consultation form..

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Final Step: Complete the form and get your estimate by a Senior Tax Professional.

Frequently Asked Questions

How much time do you think we will have to resolve my IRS accounts?

Generally speaking, we attempt to secure a 30-day collection hold with the IRS. Meaning the IRS will not take any aggressive actions during the 30-day term. Within the 30 day term, we will need to be sure you are taking corrective action to become current and compliant, file all missing returns, and work toward developing a financial strategy to resolve the balance dues. However, we do have tools that will allow us to extend this timeline and if our efforts are going in the right direction, the IRS will usually allow us additional time.

Do I need to give the IRS information about my bank accounts and assets?

This is a yes/no answer. If you owe the IRS more than $10,000 in 941 tax liability you can fully expect to have to provide information about your business. If the liability is more than $25,000 in 1120 income tax debt, the same thing applies. However, if you owe less than $50,000 in personal income tax debt or trust debt you may not have to provide information about your personal finances.

What if I can’t afford to submit the application fee?

The IRS uses Low-Income Certification guidelines to determine whether a person qualifies for poverty level. If you meet the criteria, you do not need to send in the $186 application fee, and you can wait to send in additional monies, including your initial payment and monthly installments until you hear back from the IRS.

What happens if I never hear back from the IRS about an Offer in Compromise?

If the IRS does not contact you within two years about the Offer in Compromise, the agency will automatically accept it.

Can I get an IRS Tax Lien withdrawn?

Yes, if your balance is below $25,000, you’ve been on a direct debit payment plan for 3 months or longer, you can apply to have your tax lien withdrawn. The experts at Highland Tax Group, Inc. can assist with this application.

Does an IRS Lien show up on my credit report?

Yes/No. Recently, the credit bureaus stopped harvesting data concerning IRS tax liens and reflecting the same lien on a credit report. However, if your tax lien was filed more than 1 year ago, the lien may still show up on your credit report

What about privacy, security, and confidentiality?

We take careful precautions to protect our clients’ information. The Logics server is as secure as can reasonably be provided and is housed in a state-of-the-art secure facility with power and internet backup. Your project site is password protected and we will not sell or share your information or any data you enter. No one will be able to access your data unless you grant permission.

Can we try it first? What about refunds?

You will have a money-back guarantee on your first month of subscription! We have a monthly fee charge after that depending on the number of users in your company. If you cancel before your billing date each month your credit card won’t be charged again for any subsequent months (refunds will not be issued if you do not cancel within 30 days).

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